There are currently about 20 different privacy coins according to Messari, all aimed at providing you with maximum privacy and security. The following are the top 5 from the list based on market capitalizations.
Market capitalization is a popular but not “perfect” metric for measuring the viability and usefulness of a cryptocurrency as a higher market cap signifies investors’ confidence in the project.
So without wasting time here are our top 5 privacy coins in descending order.
Top 5 Privacy Coins to Use if You Ever Need to go Anonymous
All crypto transactions are private and anonymous, but some cryptocurrencies such as Monero are more private and secure than the others.
Monero is the chief of all privacy coins – it is (more) secure, private, fungible, and untraceable.
What’s more, the community keeps adding extra security and privacy features to the father of privacy coins as they aim to make it invincible to censorship and possible security breaches.
Monero transactions are private by default, compared to other privacy coins that offer optional privacy.
Privacy is non-negotiable with Monero
For more on this cryptocurrency, read our previous article >> Monero Review and Price Prediction (2020-225)
Dash is digital cash – the cryptocurrency that aims to be “better than cash” and used for making instant, secure and global payments at a near-zero cost.
Using its proprietary InstantSend and PrivateSend technologies, DASH is able to provide a highly secure, optional-privacy enhanced, and instant settlement of transactions.
Dash's primary use case is to be used for payments for goods and services just like cash but better and currently have over 4,800 merchants globally that accepts DASH.
For more about the dash, read our previous article >> Dash Cryptocurrency Price Prediction 2020
ZCASH enables selective transparency of transactions –transactions can either be transparent or shielded through a zero-knowledge proof called zk-SNARKs which allows the network to maintain a secure ledger of balances without disclosing the parties or amounts involved.
Instead of publishing spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is being dishonest.
Unlike Monero, privacy in Zcash is optional. Meaning you can decide to make your transactions transparent or hidden.
Decred is a privacy coin with an emphasis on community input, open governance, and sustainable funding for development which empowers its community with formal rights to make consensus changes and manage project-level decisions.
Decred is adaptable and highly resistant to forks and the infamous dreaded 51% attack.
The project features a hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus algorithm, a public proposal platform, smart contracts, cross-chain atomic swaps, and cross-platform wallets; making it arguably the most feature-rich privacy coin in the market.
Horizen is a privacy-oriented cryptocurrency with side chains enabling anyone to build privacy-based applications.
Offering smart contracts capability, Horizen enables businesses and developers to quickly and affordably create customized public or private blockchains (side chains) based on the programming language and consensus mechanism suitable to their application and connect with the Horizen mainchain network of over 37,000 nodes.
Privacy coins conceal information about senders and receivers during transactions through a variety of methods.
The most private cryptocurrency is Monero which is a private by default coin that’s fully resistant to all forms of censorship.
DASH, Zcash, and the rest with their optional privacy features are good alternatives with the added benefit of extra features.
What is your favorite privacy coin? Share with us in the comments section below.